The South Korean government will invest 1.2 trillion won ($1.1 billion) over the next five years to employ the country’s IT power to revive its old textile glory.

The Ministry of Trade, Industry and Energy on Monday pledged a spending of 1.2 trillion won to aid textile companies in research and development of next-generation and functional fabrics as well as smart applications on clothing.

Some of the funding - 71.4 billion won - would go to establishing carbon fiber cluster across southern regions of North Jeolla Province, Daegu, and North Gyeongsang Province.

Korea’s industrialization began with the textile business following the Korean War. From 1963 to 1987, the textile was No.1 export revenue for Korea. But the industry sagged and facilities moved out to China and Southeast Asia for cheaper labor cost.

Through IT convergence, the government hopes to push up Korea’s share in the global textile market to 10 percent by 2022 from current 4 percent.

By Ko Jae-man and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]